The Effect of Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act is definitely news for everyone and it does indeed change the rules in terms of mortgages and taxes. Starting 2018, if you have a $1 million mortgage, for example, you can claim a deduction for only 75% of the annual interest you pay.
However, the 529 college savings plan actually got better due to the TCJA. If last year people could only withdraw funds tax-free to pay for college, now you can also withdraw up to $10,000 for high school, elementary school and even homeschooling!
